Bondi brawl: James Packer and David Gyngell trade blows

James Packer and David Gyngell in Bondi altercation - Yahoo7

Two of Australia's business heavyweights claim to have buried the hatchet, saying they are still friends after a bruising beachside brawl between billionaire James Packer and Channel Nine chief David Gyngell.

Photos today emerged showing a furious James Packer being restrained as he tries to hurl punches at Nine Network boss David Gyngell.

The publication of the two images by News Corp Australia on Monday - who reportedly paid $210,000 for the images - comes from a set of photographs taken as the two childhood friends come to blows outside Mr Packer's Bondi apartment on Sunday.

There are reportedly more than 50 photos in the set.

The billionaire businessman and the TV executive, who was best man at Packer's wedding, issued a joint statement insisting they remain friends after news of the fracas broke.

"We have been friends for 35 years and still are," they said.

"In that time we have had our fair share of ups and downs.

"We respect each other and neither of us will be commenting further."

Bondi resident Chris Walker, who says he witnessed the incident, tweeted about a "massive street fight" outside the Packer home on Sunday afternoon.

The fight had to be broken up by Mr Packer's security guards and a limousine driver.

The relationship between the two is said to have soured after Mr Packer separated from his wife Erica Baxter last year.

Other media reports suggest Mr Packer believed that a Nine satellite news van had been parked outside his house.

Packer's life-long friendship with his former best man reportedly soured after he ended a seven-year marriage from his second wife, Erica. Photo: AAP.

What the photos show

At least 50 photos show the two men facing off at each other as the confrontation begins. They show a giant James Packer towering over the small, bearded Gyngell, who wasn't wearing any shoes.

The two men begin grappling and wrestling each other to the ground, where Packer is on top and secures Gyngell in a headlock. Seconds later, another man grabs packer around the mouth in a bid to pull him away.

As Packer walks away, Gyngell remains, looking shaken.

Nine Network CEO David Gyngell speaking after the Nine Entertainment Company listed on the ASX in Sydney. Photo: AAP.

Bondi resident Chris Walker, who claims to have witnessed the incident, tweeted about a "massive street fight" outside the Packer home on Sunday afternoon.

"Packer packed a punch but copped a couple of hits straight to the jaw... Then they all fell on the concrete fence and I think the other guy broke his face ... They were looking for teeth after he left."

Packer is one of Australia's richest men, with Forbes recently estimating his net worth at $6.4 billion, and he has aggressively sought to expand his casino business into Asia and the United States.